Swiggy IPO Subscription Live: Swiggy Limited’s much-anticipated IPO opens for public subscription on November 6, 2024, and will close on November 8. The offering includes a total issue size of Rs 11,327 crore, split between a fresh issue of 11.54 crore shares worth Rs 4,499 crore and an offer for sale of up to 17.5 crore shares by existing shareholders, valued at Rs 6,828 crore. Priced within a range of Rs 371-390, investors can bid for a minimum of 38 shares per lot.
Gaurav Garg, Research analyst at Lemonn Markets Desk, said, "Almost 50% valuation compared to Zomato gives some comfort although it should not be considered as an arbitrage in valuation. If Swiggy’s EBITDA catches up to 3-4% in the food delivery business, which is currently at 1% and Average Order Value (AOV) improves to Rs. 550-600 levels in quick commerce with higher non-grocery share, we can see bridging in the valuation gap. Although, this should not be expected in near term."